Online food delivery market place Foodpanda.in had acquired food-ordering portal Just Eat India in all stock deal. Just Eat Plc., the largest shareholder in Achindra Online Marketing Pvt. Ltd that runs Just Eat India, will receive a minority stake in Foodpanda.in as part of the deal. This is seventh food startups Foodpanda bought across Asia.
UK based JustEat will acquire undisclosed stake in combined entity, which will be India’s largest food-ordering provider with a presence in more than 200 cities across 12,000 restaurants. The online food services market is valued at over $14 Billion in India and $371 Billion globally. Zomato, which is expected to leverage its listings of about 50,000 restaurants in India by building its own ordering platform globally, is likely to pose the biggest challenge to Rocket Internet, backed Foodpanda.
The purchase is second in four months by the company, which in November acquired food delivery business TastyKhana.in for an undisclosed amount. The latest deal comes in at a time when restaurant search portal Zomato is looking to enter the online food ordering space in India. JustEat Plc., was launched in Denmark in 2001 and was traded publicly on the London Stock Exchange. It entered India by acquiring a majority stake in Hungry in Bengaluru in 2011. Hungry was launched in 2006. Today, the company collaborates with more than 2000 restaurants.
Foodpanda.in was launched in India in May 2012, operates in 39 countries across five continents. Together with TastyKhana and JustEat, the brand is present in more than 200 cities and partners over 12,000 restaurants. The company currently gets more than 100,000 unique visitors daily on its platform. In August last year, Foodpanda raised $60 Million in new financing form a group of investors and existing backer Rocket Internet.